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Sen. Lindsey Graham: 'No $15 Min Wage' In Stimulus Plan - Here's One Reason Why

Tyler Durden's Photo
by Tyler Durden
Wednesday, Jan 20, 2021 - 05:45 PM

It appears the Biden administration and its union-backers are using "alternative facts" already.

Multiple times today during CNBC's coverage of "a new day" in America, we have been reassured that a $15 minimum wage will not increase unemployment (no matter how much common sense and basic economics tells you otherwise).

Even Janet Yellen - a so-called 'economist' - has claimed it would be positive...

Most recently, AFL-CIO President Richard Trumka was trotted out to praise the Biden plan and adamantly told the anchor that minimum wage hikes don't lead to increases in unemployment.

There's just one thing... over the last 75 years, that's exactly what has happened as each increase in minimum wage has sparked a significant surge in the unemployment for the lowest-skilled and lowest-earning members of the workforce...

Source: @McClellanOsc

Perhaps this is why Senator Lindsey Graham unequivocally said this afternoon that any new stimulus package will not include a $15 Federally-mandated minimum wage.

Still, we are sure this 'facty' chart will be shrugged off as a conspiracy theory... or racist... or worse.

Need some more 'facts'?

According to a recent nonpartisan analysis by the Congressional Budget Office, President Biden's effort to raise the federal minimum wage from $7.25 to $15 per hour is estimated to kill as many as 3.7 million jobs

Based on the CBO's median estimate,1.3 million workers who would otherwise be employed would be jobless in an average week in 2025, an 0.8% reduction. However, the CBO also noted that a federal minimum wage of $15 per hour would increase the wages of 17 million workers in an average week in 2025.

While the $15 federal minimum wage would boost workers' earnings, the CBO says that some of the higher earnings would be offset by higher rates of joblessness.

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